Socotra delivers the most powerful and flexible core technology for commercial insurers. With Socotra, insurers can launch and scale products with unprecedented speed and ease, quote and underwrite at enterprise scale, and simplify servicing for the most complex accounts.
Socotra Policy delivers the industry’s most versatile data model, supporting any insurance product, geography, and distribution channel. Insurers have the flexibility to configure rating tables, underwriting processes, and coverage structures without custom coding or vendor support—eliminating lengthy release cycles.
After launch, product changes are fast and automatically sync across downstream systems with full auditability.
As insurers scale their business, they can leverage Socotra’s product inheritance model to efficiently deploy hundreds of product variations. This approach minimizes redundant work by allowing insurers to choose which elements of base products remain consistent and which adapt for new geographies, channels, coverage expansions, specialized endorsements, or other needs.
Commercial Insurance Products Successfully Deployed on Socotra
TECHNOLOGY HIGHLIGHT
Commercial fleets and equipment often require dynamic rating based on real-time usage data. With Socotra, insurers can easily integrate telematics and other third-party data sources, automatically recalculating and billing customers for usage surcharges or credits. Insurers can also test multiple rating schemes without IT overhead, accelerating innovation for usage-based insurance products.
Socotra delivers modern capabilities that help insurers efficiently review submissions, apply underwriting guidelines, and issue policies.
The process of issuing, renewing, and changing policies varies significantly among commercial insurers. Socotra provides a flexible six-step issuance model that adapts to an insurer’s specific business processes. At each stage, insurers can:
Socotra delivers both productized and custom interfaces that cater to the specific needs of the insurer.
Underwriters can effectively manage tasks, submissions, and policies.
Create a differentiated portal for agents to easily sell and service policies, using Socotra’s reference implementation as a starting point. The reference implementation is built on Socotra’s UI SDK, which accelerates development timelines by providing commonly used components like forms out of the box.
With Socotra Producer Portal, insurers can configure user flows based on the needs of their agencies and products. Producers can upload ACORD forms and large schedules of items. Socotra’s open APIs enable automated bordereaux, data sharing, and integrations with CRMs and aggregator platforms.
Socotra makes it simple for insurers to manage massive, complex schedules with speed, accuracy, and flexibility.
Process renewals for large commercial portfolios efficiently with automated workflows based on specific underwriting guidelines. Edit multiple scheduled items in a single renewal transaction.
Manage policies with scheduled items in multiple regions, each with unique coverage mandates and taxes. Automatically apply region-specific coverages, taxes, and compliance rules to each policy.
Easily update schedules for policy changes, such as adding or removing insureds, scheduled items, and coverage. All updates can be made mid-term.
Socotra recently released performance metrics for complex commercial insurance workloads:
Performance at this scale is proof that Socotra’s engineering quality extends across every dimension of the system. By testing far beyond real-world requirements, Socotra empowers insurers to move forward with confidence, knowing they won’t outgrow the platform.
Socotra delivers robust capabilities to help insurers and producers service policies more efficiently.
Manage Policies by Commercial Accounts
Commercial insurers often provide multiple policies to a single business across multiple regions and sub-entities. Socotra’s account-centric hierarchy enables insurers to:
Easily Handle Complex Policy Changes
Commercial policies change frequently, creating massive headaches for insurance operations. Socotra efficiently handles mid-term and out-of-sequence endorsements and cancellations:
Support Complex Billing Use Cases
Socotra Billing handles the full spectrum of commercial billing scenarios, including premium splits, third-party administrators, premium finance agreements, and consolidated statements across multiple policies.
Deliver Superior Reporting and Analytics
Commercial insurers need real-time visibility into premiums, exposure changes, and underwriting metrics for strategic decision-making.
Socotra provides industry-leading data fluency with real-time data across policy and billing modules. Business users can access pre-built dashboards with common insurance KPIs through Socotra Reporting Workbench. Data engineers and scientists can run custom queries in Socotra Data Lake and move data to data warehouses and external BI tools via Socotra’s open APIs.
